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Notes to Accounts of Maxheights Infrastructure Ltd.

Mar 31, 2018

1. CORPORATE INFORMATION

MAXHEIGHTS INFRASTRUCTURE LIMITED (''the Company'') incorporated in India on July 28, 1981, a company incorporated under the laws of India. The Company''s shares are publicly traded on the Bombay Stock Exchange (''BSE''), India and Calcutta Stock Exchange. The Registered office of the Company is situated at SD - 65, Tower Appartments Pitampura New Delhi - 110034

2. NATURE OF PRINCIPAL ACTIVITIES

Maxheights Infrastructure Limited (''the Company'') is engaged primarily in the business of real estate development. The operations of the Company span all aspects of real estate development, from the identification and acquisition of land, to planning, execution, construction and marketing of projects. The Company is also engaged in the business of maintenance services and recreational activities which are related to the overall development of real estate business. The Company is domiciled in India.

3. GENERAL INFORMATION AND STATEMENT OF COMPLIANCE WITH IND AS

These standalone financial statements (''financial statements'') of the Company have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ''Ind AS'') as notified by Ministry of Corporate Affairs (''MCA'') under Section 133 of the Companies Act, 2013 (''the Act'') read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and other relevant provisions of the Act. The Company has uniformly applied the accounting policies during the periods presented.

These financial statements for the year ended 31 March 2018 are the first financial statements which the Company has prepared in accordance with Ind AS. For all periods up to and including the year ended 31 March 2017, the Company had prepared its financial statements in accordance with accounting standards notified under Section 133 of the Act, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Previous GAAP), which have been adjusted for the differences in the accounting principles adopted by the Company on transition to Ind AS. For the purpose of comparatives, financial statements for the year ended 31 March 2017 and opening balance sheet as at 1 April 2016 are also prepared as per Ind AS.

4. BASIS OF PREPARATION

The financial statements have been prepared on going concern basis in accordance with accounting principles generally accepted in India. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

These financial statements have been prepared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis.

Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalent, the Company has ascertained its operating cycle as twelve months for the purpose of current/ non-current classification of assets and liabilities.

5. RECENT ACCOUNTING PRONOUNCEMET

In March 2017, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) (Amendments) Rules, 2017, notifying amendments to Ind AS 7, ''Statement of cash flow''. The amendments IS applicable to the Company from 1 April 2017.

Amendment to Ind AS 7

The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes, suggesting inclusion of a reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing activities, to meet the disclosure requirement. The Company is evaluating the requirements of the amendment and its impact on the financial statements.

Use of estimates

The preparation of the financial statements in conformity with Ind AS requires the management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed wherever required

Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

6.1 PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by the management. The Company depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end.

Impairment

At each balance sheet date, the Company reviews the carrying value of tangible and intangible assets for any possible impairment. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is determined as higher of the asset’s net selling price or estimated future cash flows expected to arise from the continuing use of the assets and from their disposal at the end of their useful lives, which are discounted to their present value based on appropriate discount rates. For the purpose of assessing impairment, assets are grouped at the levels for which there are separately identifiable cash flows (cash generating unit). Assessment is done at each Balance Sheet date as to whether there is any indication that an impairment loss recognised for an asset in prior accounting period may no longer exist or may have decreased.

6.2 FINANCIAL ASSETS

Initial recognition

The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, that may or may not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

6.2.1 INVESTMENT

Investments are either classified as current or long-term based on Management’s intention at the time of purchase. Current investments are carried at the lower of cost and fair value of each investment individually. Long term investments are carried at cost less provisions recorded to recognize any decline, if any, other than temporary, in the carrying value of each investment

Accounting Policy

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future. The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

"Deferred tax assets and deferred tax liabilities have been offset wherever the Company has a legally enforceable right to set off current tax assets against current tax liabilities and where the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority."

Expected credit loss for trade receivables under simplified approach Real estate busines

The Company''s trade receivables does not have any expected credit loss as registry of properties sold is generally carried out once the Company receives the entire payment. During the periods presented, the Company made no write-offs of trade receivables and no recoveries from receivables previously written off

"Rental business"

In respect of trade receivables, the Company considers provision for lifetime expected credit loss. Given the nature of business operations, the Company’s trade receivables has low credit risk as the Company holds security deposits equivalents ranging from three to six months rentals. Further historical trends indicate any shortfall between such deposits held by the Company and amounts due from customers have been negligible

6.3 Cash and Cash Equivalents

Accounting Policy

Cash and cash equivalents comprise cash in hand, demand deposits with banks/corporations and short-term highly liquid investments that are readily convertible into known amount of cash and are subject to an insignificant risk of change in value.

Cash and cash equivalents as at March 31, 2018 and March 31, 2017 include restricted cash and bank balances of Rs. 294196.75 and Rs. 294678.75 respectively. The restrictions are primarily on account of bank balances held in unpaid dividend bank accounts.

The deposits maintained by the Company with banks and financial institution comprise of time deposits, which can be withdrawn by the Company at any point without prior notice or penalty on the principal

Additional Disclosure regarding Non Current Borrowings

1. Loan from Damiler Financial Services Private Limited represent loan taken for purchase of Vehicle at the rate of interest 7.4865% payable in equal installment of Rs. 93,300/- each

2. Unsecured Loan from Related parties consists of Loan from Directors/Shareholders and are Interest Free loan.

Income tax expense is recognized in net profit in the Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized

6.4 Revenue from Operations In Respect of Real Estate Transaction

Definition of ''revenue'' given in the Ind AS 18 is broad compared to the definition of ''revenue'' given in existing AS 9 because it covers all economic benefits that arise in the ordinary course of activities of an entity which result in increases in equity, other than increases relating to contributions from equity participants. On the other hand, as per the existing AS 9, revenue is gross inflow of cash, receivables or other consideration arising in the course of the ordinary activities of an enterprise from the sale of goods, from the rendering of services, and from the use by others of enterprise resources yielding interest, royalties and dividends.

In case of Real Estate transaction, the same is recognised only when registry of same is done only after entire payment relating to same is recovered from the customer thus adoption of IND AS 18 doesnt have any impact on revenue recognition.

Additional Disclosure Regarding Revenue Recognition

1. Sale of land and plots

Sale of land and plots (including development rights) is recognized in the financial year in which the agreement to sell/application forms (containing salient terms of agreement to sell) is executed and there exists no uncertainty in the ultimate collection of consideration from buyers. Where the Company has any remaining substantial obligations as per agreements, revenue is recognized on ''percentage of completion method'' as explained above under ''revenue from real estate projects''.

2. Rental Income

Rental income is recognized on a straight-line basis over the terms of the lease, except for contingent rental income which is recognized when it arises and where scheduled increase in rent compensates the lessor for expected inflationary costs. Parking income and fit out rental income is recognized in statement of profit and loss on accrual basis.

3. Interest income

Interest income is recorded on accrual basis using the effective interest rate (EIR) method

I. DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER THE MSMED ACT, 2006

The information regarding applicability of MSMED Act, 2006 to the various suppliers/parties is not available with the assessee, hence information as required vide Clause 22 of Chapter V of MSMED Act, 2006 is not been given.

II. RELATED PARTY DISCLOSURES

In accordance with the requirements of Accounting Standards (AS) -18 on Related Party Disclosures, the names of the related parties where control exists and/or with whom transactions have taken place during the year and description of relationships, as identified and certified by the management are:

III. SEGMENTAL REPORTING

Ind AS 108 establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. The Company''s operations predominantly relate to Real Estate Development. Based on the ''management approach'' as defined in Ind AS 108, Management evaluates the Company''s performance and allocates resources based on an analysis of various performance indicators by business segments and geographic segments. Accordingly, information has been presented both along business segments and geographic segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the significant accounting policies.

Segment reporting Policies:-

a) Identification of Segments:- Primary - Business Segment

Before Amalgamation the company was a single segment company. After amalgamation of three Transferor Companies, the company has identified three reportable segments viz. financing of vehicles and other finance, Real Estate business and dealing in stock and shares.

Secondary - Geographical Segments

The company operates entirely in India and hence no geographical segment has been made.

b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as unallocable expenses.

IV. Notes 1 to 4 forms the integral part of the financial statements.


Mar 31, 2016

CORPORATE INFORMATION

MAXHEIGHTS INFRASTRUCTURE LIMITED (''the Company'') incorporated in India on July 28, 1981, a company incorporated under the laws of India. The Company''s shares are publicly traded on the Bombay Stock Exchange (''BSE''), India and Calcutta Stock Exchange. The Registered office of the Company is situated at SD - 65, Tower Appartments Pitampura New Delhi -110034

I. BACKGROUND

The Scheme of amalgamation was filed under section 391 read with section 394 of the Companies Act''1956 w.e.f. 01.04.2007 for amalgamation of the following transferor companies namely:-

a) INDOVEST FINANCIAL SERVICES LIMITED (IFSL)( Which was into the business of finance and real estate.

b) NORTH DELHI CONSTRUCTION AND INVESTMENT PVT. LTD. (NDCIPL) (Which was in to the business of Real Estate activities.

c) SHYAM MOTELS PRIVATE LIMITED (SMPL) (Which was in to the business of entertainment activities.)

With the transferee Company i.e. M/s MAX HEIGHTS INFRASTRUCTURE LIMITED (MHIL)

The same has been approved by the H''ble Delhi High Court vide order no 2246 dated 17th March ''2009. The Scheme of amalgamation where under the transferor Companies are to be amalgamated in its present form or with any modification(s) approved or imposed or directed by members of the respective companies and/or by competent authority and / or by the court.

II. CURRENTASSETS

In the opinion of the management, current assets, loans & advances have the value on the realization in the ordinary course of business equal to the amount at which they are stated and all known liabilities have been adequately provided for.

VI. DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER THE MSMED ACT, 2006

The information regarding applicability of MSMED Act, 2006 to the various suppliers/parties is not available with the assessee, hence information as required vide Clause 22 of Chapter V of MSMED Act, 2006 is not been given.

VIII. RELATED PARTY DISCLOSURES

In accordance with the requirements of Accounting Standards (AS) -18 on Related Party Disclosures, the names of the related parties where control exists and/or with whom transactions have taken place during the year and description of relationships, as identified and certified by the management are:

IX. SEGMENTAL REPORTING

The segmental reporting of the company has been prepared in accordance with accounting standard (AS-17), Accounting for Segment reporting issued by The Institute of Chartered Accountants of India.

Segment reporting Policies:-

a) Identification of Segments:- Primary-Business Segment

Before Amalgamation the company was a single segment company. After amalgamation of three Transferor Companies, the company has identified three reportable segments viz. financing of vehicles and other finance, Real Estate business and dealing in stock and shares.

Secondary - Geographical Segments

The company operates entirely in India and hence no geographical segment has been made.

b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as unallocable expenses.

c) Segment assets and liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as unallocated assets and liabilities


Mar 31, 2015

Note 1:

CORPORATE INFORMATION

MAXHEIGHTS INFRASTRUCTURE LIMITED ('the Company') incorporated in India on July 28, 1981, a company incorporated under the laws of India. The Company's shares are publicly traded on the Bombay Stock Exchange ('BSE'), India and Calcutta Stock Exchange. The Registered office of the Company is situated at SD - 65, Tower Appartments Pitampura New Delhi -110034 Note 2:

BASIS OF PREPARATION

The financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP). The financial statements have been prepared to comply in all material respects with the accounting standards notified under the Companies (Accounts) Rules, 2015 and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year, except for the change as explained in note the below.

I. BACKGROUND

The Scheme of amalgamation was filed under section 391 read with section 394 of the Companies Act'1956 w.e.f. 01.04.2007 for amalgamation of the following transferor companies namely:-

a) INDOVEST FINANCIAL SERVICES LIMITED (IFSL) (Which was in to the business of finance and real estate.)

b) NORTH DELHI CONSTRUCTION AND INVESTMENT PVT. LTD. (NDCIPL) (Which was in to the business of Real Estate activities.)

c) SHYAM MOTELS PRIVATE LIMITED (SMPL) (Which was in to the business of entertainment activities.)

With the transferee Company i.e. M/s MAX HEIGHTS INFRASTRUCTURE LIMITED (MHIL)

The same has been approved by the H'ble Delhi High Court vide order no 2246 dated 17th March '2009. The Scheme of amalgamation where under the transferor Companies are to be amalgamated in its present form or with any modification(s) approved or imposed or directed by members of the respective companies and/or by competent authority and/or by the court.

II. CURRENTASSETS

In the opinion of the management, current assets, loans & advances have the value on the realization in the ordinary course of business equal to the amount at which they are stated and all known liabilities have been adequately provided for.

VI. DETAILSOF DUESTO MICROANDSMALL ENTERPRISESAS DEFINED UNDERTHE MSMEDACT, 2006

The information regarding applicability of MSMED Act, 2006 to the various suppliers/parties is not available with the assessee, hence information as required vide Clause 22 of Chapter V of MSMED Act, 2006 is not been given.

IX. SEGMENTAL REPORTING

The segmental reporting of the company has been prepared in accordance with accounting standard (AS-17), Accounting for Segment reporting issued by The Institute of Chartered Accountants of India.

Segment reporting Policies:-

a) Identification of SegmentsPrimary-Business Segment

Before Amalgamation the company was a single segment company. After amalgamation of three Transferor Companies, the company has identified three reportable segments viz. financing of vehicles and other finance, Real Estate business and dealing in stock and shares. Secondary-Geographical Segments

The company operates entirely in India and hence no geographical segment has been made.

b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as unallocable expenses.

c) Segment assets and liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as unallocated assets and liabilities.


Mar 31, 2014

(i) Equity shares: The company has only one class of equity shares having face value of Rs. 10/- each. Each Shareholder is eligible for one vote per share held.

Note : As Information provided by the management Share Application Money of Rs. 62633723.00 will be allotted/refunded within 60 days from the date of Balance Sheet.

Note (i) - 0 D Limit of 38 lakh from National Bank is secured against Fixed Deposit of Rs. 40 lakhs with Nainital Bank.

Note : As the company has not received any information from any of the creditors of their being a micro or small scale industries undertaking hence amount due to micro or small scale industrial undertaking as on the balance sheet are not ascertainable.

1. AMALGAMATION

The Scheme of amalgamation was filed under section 391 read with section 394 of the Companies Act''1956 w.e.f. 01.04.2007 for amalgamation of the following transferor companies namely:-

a) INDOVEST FINANCIAL SERVICES LIMITED (IFSL)( Which is into the business of finance and real estate.

b) NORTH DELHI CONSTRUCTION AND INVESTMENT PVT. LTD. (NDCIPL) (Which is in to the business of Real Estate activities.

c) SHYAM MOTELS PRIVATE LIMITED (SMPL) (Which is in to the business of entertainment activities.) With the transferee Company i.e. M/s MAX HEIGHTS INFRASTRUCTURE LIMITED (MHIL)

The same has been approved by the Hon''ble Delhi High Court vide order no 2246 dated 17th March ''2009. The Scheme of amalgamation where under the transferor Companies are to be amalgamated in its present form or with any modification(s) approved or imposed or directed by members of the respective companies and/or by competent authority and / or by the court.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR:

2013-2014 2012-2013

Contingent Liability not provided For Nil Nil

3. INVESTMENT

Investments has been valued at Cost.

4. DEFERRED TAX

Deferred Tax assets has been provided for in accordance with Accounting Standard 22-Accounting for taxes on income issued by The Institute of Chartered Accountants of India.

5. DEBTORS & CREDITORS

Balances appearing as Debtors & Creditors are subject to confirmation.

6. CURRENT ASSETS

In the opinion of the Management, current assets, loans & advances have the value on realization in the ordinary course of business equal to the amount at which they are stated and all known liabilities have been adequately provided for.

7. PROVISION FOR INCOME TAX AND FBT

Provision for income Tax of Rs. Rs. 17.69 Lacs has been made in the accounts for the year ending 31st March''2014, which has been worked out on the basis of taxable income as per the income Tax Act''1961.

8. SEGMENTAL REPORTING

The segmental reporting of the company has been prepared in accordance with accounting standard (AS-17), Accounting for Segment reporting issued by The Institute of Chartered Accountants of India.

Segment reporting Policies:-

a) Identification of Segments :- Primary - Business Segment

Before Amalgamation the company was a single segment company. After amalgamation of three Transferor Companies, the company has identified three reportable segments viz. financing of vehicles and other finance, Real Estate business and dealing in stock and shares.

Secondary - Geographical Segments

The company operates entirely in India and hence no geographical segment has been made.

b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as unallocable expenses.

c) Segment assets and liabilities represents assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as unallocated assets and liabilities

9. EARNING PER SHARE

a) Earnings per Share ( EPS) for the year has been computed in accordance with the Accounting Standard - 20 issued by the Institute of Chartered Accountants of India after considering provision for net deferred tax liability/ asset and reversal of provisions no further required for the year.

10. Cash in hand has been certified by the management at the close of the year.

11. Previous year''s figures have been regrouped/recast wherever necessary. The Previous years figures are the figures of the company for the previous year alone where as the current years figures are after the amalgamation of 3 transferor companies with this transferee company.

12. Note "1" to 25"" forms the integral part of the balance sheet and profit and loss account.


Mar 31, 2013

1.0 SEGMENTAL REPORTING The segmental reporting of the company has been prepared in accordance with accounting standard (AS-17), Accounting for Segment reporting issued by The Institute of Chartered Accountants of India.

Segment reporting Policies:-

a) Identification of Segments :- Primary - Business Segment

Before Amalgamation the company was a single segment company. After amalgamation of three Transferor Companies, the company has identified three reportable segments viz. financing of vehicles and other finance, Real Estate business and dealing in stock and shares.

Secondary - Geographical Segments

The company operates entirely in India and hence no geographical segment has been made.

b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as unallocable expenses.

c) Segment assets and liabilities represents assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as unallocated assets and liabilities

2.0 EARNING PER SHARE

a) Earnings per Share ( EPS) for the year has been computed in accordance with the Accounting Standard - 20 issued by the Institute of Chartered Accountants of India after considering provision for net deferred tax liability/ asset and reversal of provisions no further required for the year.

b) Earning per Share (EPS) for the computation as per AS-20

Profit Available for Appropriation

As per Profit & loss Account 53.39 Lacs

No. of Equity Shares 1,4136,675 Equity Shares

Nominal Value per Equity Share Rs. 10/-

Basic and Diluted EPS (Rs.) 0.38 Per Share

3.0 Cash in hand has been certified by the management at the close of the year.

4.0 Previous year''s figures have been regrouped/recast wherever necessary.

5.0 Note "1" to "25" forms the integral part of the balance sheet and profit and loss account.


Mar 31, 2012

1.0 AMALGAMATION

The Scheme of amalgamation was filed under section 391 read with section 394 of the Companies Act,1956 w.e.f. 01.04.2007 for amalgamation of the following transferor companies namely:-

a) INDOVEST FINANCIAL SERVICES LIMITED(IFSL)( Which is into the business of finance and real estate.)

b) NORTH DELHI CONSTRUCTION AND INVESTMENT PVT. LTD. (NDCIPL) (Which is into the business of Real Estate activities.)

c) SHYAM MOTELS PRIVATE LIMITED (SMPL) (Which is into the business of entertainment activities.) With the transferee Company i.e. M/s MAX HEIGHTS INFRASTRUCTURE LIMITED (MHIL)

The same has been approved by the Hon'ble Delhi High Court vide order no 2246 dated 17th March, 2009. The Scheme of amalgamation where under the transferor Companies are to be amalgamated in its present form or with any modification(s) approved or imposed or directed by members of the respective companies and/or by competent authority and / or by the court.

2.0 CONTINGENT LIABILITIES NOT PROVIDED FOR: (/Lakh)

2011-12 2010-11

Contingent Liability not provided for Nil Nil

3.0 INVESTMENT

Investments has been valued at Cost.

4.0 DEFERRED TAX

Deferred Tax assets has been provided for in accordance with Accounting Standard 22-Accounting for taxes on income issued by The Institute of Chartered Accountants of India. The accumulated net deferred asset after amalgamation up to 31.03.2012 amounting to Rs. 6873/-. The same has been worked out after the amalgamation of all the companies.

5.0 DEBTORS & CREDITORS

Balances appearing as Debtors & Creditors are subject to confirmation.

6.0 CURRENT ASSETS

In the opinion of the Management, current assets, loans & advances have the value on realization in the ordinary course of business equal to the amount at which they are stated and all known liabilities have been adequately provided for.

7.0 PROVISION FOR INCOME TAX AND FBT

Provision for income Tax of Rs. 11.86 Lacs has been made in the accounts for the year ending 31st March, 2012, which has been worked out on the basis of taxable income as per the Income Tax Act, 1961.

8.0 SEGMENTAL REPORTING

The segmental reporting of the company has been prepared in accordance with accounting standard (AS-17), Accounting for Segment reporting issued by The Institute of Chartered Accountants of India. Segment reporting Policies:-

a) Identification of Segments :- Primary - Business Segment

Before Amalgamation the company was a single segment company. After amalgamation of three Transferor Companies, the company has identified three reportable segments viz. financ- ing of vehicles and other finance, Real Estate business and dealing in stock and shares. Secondary - Geographical Segments

The company operates entirely in India and hence no geographical segment has been made.

b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as unallocable expenses.

c) Segment assets and liabilities represents assets and liabilities in respective segments. Invest- ments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as unallocated assets and liabilities

9.0 EARNING PER SHARE

a) Earnings per Share ( EPS) for the year has been computed in accordance with the Accounting Standard - 20 issued by the Institute of Chartered Accountants of India after considering provision for net deferred tax liability/ asset and reversal of provisions no further required for the year.

10.0 Cash in hand has been certified by the management at the close of the year.

11.0 Previous year's figures have been regrouped/recast wherever necessary. The Previous years figures are the figures of the company for the previous year alone where as the current years figures are after the amalgamation of 3 transferor companies with this transferee company.

12.0 Note "1" to "25" forms the integral part of the balance sheet and profit and loss account.

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